Stripe joins hands with Polygon for crypto payments

Payments processor Stripe will use Ethereum scaling platform Polygon to allow its customers to pay sellers, freelancers, content creators, and service providers in crypto.

Social media giant Twitter will be the first to test out its service by paying content creators who use its monetisation products like “Ticketed Spaces” and “Super Follows” in crypto.

Stripe has noted that the initial payments will be made using USD Coin (USDC), a stablecoin whose value is pegged to the US Dollar, native to Polygon’s network and through Polygon-compatible wallets, according to a statement on Friday. Support for additional rails and payout currencies are also in the works and will be launched in due time, it added. 

USDC issuer Circle originally targeted its stablecoin to be used for mainstream payments, but in the last 18 months, it has gained a reputation as the DeFi stablecoin. 

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Polygon was chosen because of its low fees and compatibility with popular wallets such as MetaMask, Coinbase, and Rainbow.

“We’re focused on helping creators who drive those conversations earn money and connect with their audiences in new ways. We’re excited to begin offering crypto payouts to creators via Stripe so they have more choice in how they get paid,” said Esther Crawford, Product Lead for Creators, Twitter, reported Ledger Insight.

Twitter added monetisation feature last year in order to integrate more into the “creator” economy and boost revenues. Creators who receive their payments in cryptocurrency can hold their earnings in the crypto wallet supported by the Polygon network and then exchange them in other currencies as per their choice.

The social media platform is in the midst of a takeover by Tesla founder Elon Musk who has used Twitter to promote bitcoins and “meme coins” like dogecoins.